ERJ staff report (DS)
New York -- Asia Carbon Industries, Inc. has reported its earnings for the year ended December 31, 2010. The Company filed its annual report on Form 10-K with the Securities and Exchange Commission on March 30, 2011.
Revenues increased 44 percent to $29.69 million in 2010 from $20.65 million in 2009. Net income increased 9.6 percent to $3.27 million in 2010 from $2.98 million in 2009. Asia Carbon Industries Inc. is an emerging, China-based producer of a series of carbon black products under the brand name "Great Double Star." The Company was established in 2003 in Shanxi, China's highest coal producing province.
In a statement,t he company said, "The increase in revenue was also impacted by an increase in the Company's carbon black unit selling price. In 2009 Asia Carbon lowered product unit prices in response to the global financial crisis and related decrease in demand. However, recent market corrections and resulting return in product demand, in addition to an increase in raw material costs, prompted management to increase its pricing. This action has been accepted by customers, as evidenced by the increase in product sales. The Company sold 32,156 tons of carbon black in 2010, an increase of 3,598 tons, compared to 28,558 tons in 2009. "
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Press release from Asia Carbon